Apr
28
Lloyds Banking Group Profit Down 44% After Bond Redemption
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Lloyds Banking Group said it had recorded a charge of about $1.2 billion related to the buyback of so-called enhanced capital notes. CreditCarl Court/Getty Images
LONDON — The British lender Lloyds Banking Group said on Thursday that its first-quarter profit declined 44 percent from a year earlier, as the redemption of bonds it issued during the financial crisis and other charges cut into its results.
The bank, which is 9 percent owned by the British government after a bailout during the financial crisis, said it had recorded a charge of 790 million pounds, or about $1.2 billion, related to the buyback of so-called enhanced capital notes…
Lloyds Banking Group Profit Down 44% After Bond Redemption
